86% of Thai consumers are keen to become more responsible: Visa study
Visa, a world leader in digital payments, has revealed that the majority of Thai consumers (86%) are aware of the environmental impact of consumption on society. According to the findings from the latest Visa Consumer Payment Attitudes study1 (the “Study”), close to half of this group (43%) are already taking steps to minimise their impact, while a similar number (43%) are planning to take action when they shop in the future.
The study also showed that 89% of Thai consumers consider cashless payment methods, including cards, mobile wallets, and mobile banking, to be the most eco-friendly way to pay compared to cash and cryptocurrency. Almost half (48%) will look for brands focusing on sustainability at the same price and quality when making purchases, while almost a quarter (23%) will pay a little more to support companies that are focused on sustainability.
Serene Gay, Visa Group Country Manager for Regional Southeast Asia said: “Visa is seeing more consumers in Thailand and the region becoming more interested in sustainability and doing their part to minimise the impact of their behaviours on the environment. From supporting low carbon urban mobility to helping banks develop their sustainability approach, payments networks such as Visa have the opportunity to play a crucial role in facilitating the transition to net zero. We are well-positioned to work with a wide range of stakeholders to meet consumers’ growing demands for sustainable financial services. For example, Visa launched a breakthrough sustainability-focused solution, called Visa Eco Benefits last year, which allows us to work with our issuers to enable cardholders to calculate the carbon footprint generated by their transactions and access options for carbon offsetting or charitable donations through their bank’s website or application.
Three in four (75%) Thai consumers are keen to use physical payment cards made from sustainable materials. Besides introducing sustainable initiatives, Thai consumers also indicated that they want to have personalised tips and education on sustainable consumption (74%), opportunity to make a donation to charity every time they use their payment cards (71%), and the chance to offset their carbon footprint via forestry or clean energy projects (69%).
More than four in five (82%) of Thai consumers are willing to donate some of their loyalty reward points towards a greater cause. Over half (56%) are open to donating a portion of their points, while a quarter (26%) of respondents are willing to donate all of their accumulated points.
The top three environmental causes Thai consumers are keen to support include waste management and recycling programs (50%), promotion of the use of natural and renewable resources (46%) and reducing air and water pollution (43%). Top three societal causes Thai consumers are willing to improve using their reward points are public health (22%), disaster recovery efforts (20%), and education for all (12%).
1 The Visa Consumer Payment Attitudes Study 2022 was conducted by CLEAR on behalf of Visa between September and October 2022 across seven Southeast Asian countries: Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The total sample size is 6,550 including 1,050 consumers in Thailand aged 18 – 65, covering all education groups with a minimum income cut-off of THB 15,000.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.